FTX crypto scandal and Collapse
FTX COLLAPSE TIM ELINE—2022 Nov. 6 : Rival exchange Binance sells all FTT tokens. Nov. 7 : FTX announces liquidity crisis, seeks bailout from venture capitalists, then Binance. Nov. 8 : Binance says it will buy FTX’s non-U.S. business. Nov. 9 : Binance walks away from FTX acquisition after conducting due diligence. Nov. 10 : The Bahamas freezes assets of FTX’s subsidiary there; Bankman-Fried admits non-U.S. businesses’ liquidity crisis, says affiliate Alameda Research to wind down. Nov. 11 : Bankman-Fried steps down as FTX CEO, is replaced by a court-appointed CEO with restructuring experience. FTX files for Chapter 11 bankruptcy protection. Nov. 12 : FTX reports an alleged hack, suspected to be up to $477 million, and moves its digital assets to cold storage for security reasons. Nov. 18 : The Bahamas takes control of FTX assets held there. Dec. 12 : Bankman-Fried is arrested by Bahamian authorities. He’s later extradited to the U.S. Dec. 22 : Bankman-Fried is relea...